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Ether Price Analysis
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Ethereum Price Weekly Forecast: Ether Testing Crucial Support





Ether is at a risk of further decline against the US dollar and bitcoin. ETH/USD is under pressure but it is holding a crucial support near $640.00.

Key Highlights

Ether’s price failed to break a major resistance and declined against the US dollar.
There is a crucial bearish trendline with current resistance at $770.00 on the daily chart ETH/USD.
ETH/BTC is still in a bearish zone below the 0.0850BTC pivot level.

Technically, the daily chart indicators are moving lower in the bullish territory.

ETH/USD Under Bearish Pressure

This past week was mostly bearish as ETH/USD failed to break a crucial resistance near $800.00. The pair declined and is currently trading just above a crucial support above $680.00.

ETH/USD also declined this past week and settled below 0.0800BTC. It later recovered from the 0.0720BTC support and is currently trading above 0.0750BTC. The pair must move back above 0.0800BTC to start a major upward recovery.

Ethereum Price ETH/USD Forecast

Starting with the daily chart of ETH/USD, there was a significant bounce from the $564.11 low. The pair moved above the $800.00 level, but it could not gain further bullish momentum. The main hurdle on the upside is a crucial bearish trendline with current resistance at $770.00.

The same trendline acted as a resistance recently and pushed the price down back towards the $640.00 support area. The daily chart suggests that the $600.00 and $640.00 support levels are significant. Should there be a break below $600.00, the price may move back toward the last swing low and be at risk of more losses.

Ether Price Weekly Analysis

Moving down to the 2-hour chart of ETH/USD, the pair is facing a major hurdle at $725.00, as well as to two additional bearish trendlines. A break and close above $725.00 would most likely propel the price back above the $800.00 level.

The overall bias is negative with resistances on the upside at $725.00 and $770.00. Supports on the downside await at $640.00 and $600.00.

Weekly Resistance Levels

$725.00 and $770.00

Weekly Support Levels

$640.00 and $600.00

Daily RSI

The RSI is gaining momentum toward the 30 level.

Daily MACD

The MACD is strongly in the bearish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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